NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs

[Arvydas77]

These events like coincheck hack remind me of Spartan mothers leaving their new born babies outside overnight, it weeds out the weak, leaving the strong to become badass motherfucking warriors. XEM survived the cold night, and now becomes badass warrior. If a crypto Can't benefit from being the source of the biggest theft in history, it deserves to die!

Point taken, but what an awful analogy! NEM is an inanimate object. It has its value but it's not alive. Leaving newborn babies exposed to the elements is plain cruel. Just makes me cringe as a parent.

LOL the analogy sucks but I agre than NEM made it through the dark night
Many coins take years ... The exchange was great to refund the customers unlike some other shit exchanges which got hacked recently

Shows the difference between professionally run exchange like Coincheck and a shady job exchanges which are dime a dozen

The recent wave of FUD and media scare campaigns is good if it weeds out the weak cryptos, and a mega hack is nothing compared to a full frontal government assault like a outright ban. Crypto needs to survive that if it's going to survive long term, and out of +1500 coins I only see 3-4 that would.

Take XMR for example, all it would take to have it crumble into a pile of dust would be news that Ricardo Spagni was on his knees in a South African prison servicing other inmates after being arrested on trumped up charges if anonymous coins were ever banned, and remaining XMR dev team would vaporise into thin air. Same for Z-cash with Zooko Wilcox, if he gets called into the FBI for a chat, Z-cash goes in the toilet.

In a few years crypto will likely be a battleground, with key people getting arrested for SEC violations and people will do jail time for some ICO abuses. When that happens only the Spartan coins will survive, and even a 500mil hack will look like a smack on the bum, not a night outdoors for a newborn. It's coming guys, WAR

That is the point why legendary "Satoshi Nakamoto" is anonymous. I tend to agree with you that anonymous cryptocurrencies will be shutdown during next few years. It poses too much risk for political stability and the best way is to arrest developers.

[1713451098]

1713451098

[1713451098]

1713451098

[pfrtlpfmpf]

These events like coincheck hack remind me of Spartan mothers leaving their new born babies outside overnight, it weeds out the weak, leaving the strong to become badass motherfucking warriors. XEM survived the cold night, and now becomes badass warrior. If a crypto Can't benefit from being the source of the biggest theft in history, it deserves to die!

Point taken, but what an awful analogy! NEM is an inanimate object. It has its value but it's not alive. Leaving newborn babies exposed to the elements is plain cruel. Just makes me cringe as a parent.

that's really rough but reminds me of the movie 300  . Anyway I really share your point here. In the end it could really help the project since the distribution will be on a larger base after selling the stolen XEM ( since most of the stolen ones did belong to coinchecks itself) and the publicity is something which really could help longterm. I just hope the hacker dumps the rest and we can start rising again

Seriously, i´m not for the hacker, he´s an asshole, but i believe there´s no such thing as bad publicity ! When Michael Jackson fumbled kids, what did we do ? We bought more of his LPs. It´s crazy. I know.

[jelin1984]

the hacker go the coin from 1$ to 0.30$  thats it nothing else

[pfrtlpfmpf]

the hacker go the coin from 1$ to 0.30$  thats it nothing else

thats just temoporally, whait and see 

[Angel Di]

Very sadly of course to watch it. From outside it seems that in such a way at all there is no protection against hackers, probably for them there are no borders and there are no fences, so can happen to anyone. I hope everything will be adjusted and the trust of community will be regained to this project over time.

[denetci]

Jeff McDonald gives a talk on how the NEM blockchain can be used for Social Impact in Gangnam, Seoul
https://twitter.com/NEMofficial/status/976366252275806210?s=19

Gangnam is notorious in Seoul for being the area that is home to the richest people in Korea. It's like giving a talk in Beverley Hills.

[suky321]

Interesting open letter to banks:

https://hackernoon.com/an-open-letter-to-banks-about-bitcoin-and-cryptocurrencies-b0c7ef9b7c62

[leoinker]

Just wanted to update everyone here on the hackers funds. He has nearly drained the bulk of XEM. About ~20 mill remaining in the wallet he's draining now. + An additional 16mill that hasn't been moved. Maybe the 16mil is his retirement fund?  
So he's almost out! That is a significant drop from the 130mil he had yesterday!

It sure seems like we would see some price movement upward once he's done flooding the market! Especially with NEM being exposed to so many new people, on Binance. I have been surprised how many traders hadn't even heard of NEM!

[wiser]

Just wanted to update everyone here on the hackers funds. He has nearly drained the bulk of XEM. About ~20 mill remaining in the wallet he's draining now. + An additional 16mill that hasn't been moved. Maybe the 16mil is his retirement fund?  
So he's almost out! That is a significant drop from the 130mil he had yesterday!

It sure seems like we would see some price movement upward once he's done flooding the market! Especially with NEM being exposed to so many new people, on Binance. I have been surprised how many traders hadn't even heard of NEM!

Thanks for the update. That is good to know.

I agree with what others have said about how coins whose goal is anonymity are going to be weeded out. They just won't work with KYC laws. The smart coins are recognizing this, coming to terms with it, and even embracing it, and that's a good thing. DMD Diamond recently made a statement to that effect. And DNotes, which is about to launch its version 2.0, is also fully embracing regulatory compliance. Being a holder of NEM, I'm very glad to see NEM taking that route too.

[KloNEM]

Just wanted to update everyone here on the hackers funds. He has nearly drained the bulk of XEM. About ~20 mill remaining in the wallet he's draining now. + An additional 16mill that hasn't been moved. Maybe the 16mil is his retirement fund?  
So he's almost out! That is a significant drop from the 130mil he had yesterday!

It sure seems like we would see some price movement upward once he's done flooding the market! Especially with NEM being exposed to so many new people, on Binance. I have been surprised how many traders hadn't even heard of NEM!

Leoinker, could you please show us these addresses of the "Coincheck ghost" ? I'd like to see dropping his funds at "on-line monitoring" [and of course I'm curious, what will be the impact of price level, immediately after he'll be done with selling].

Anyway, many thanks for all your clean, exact and optimistic posts, sophisticated talks and argues with some trolls here as well. I highly appreciated it (and not just me, I'm pretty sure) ! So -- thanks, and please still post as much bright news as possible ;-)

[leoinker]

Hacker Wallet addresses:

Main one being drained: NBEAUKXJLBJXXTPXN2OPIX3LZQWWZA56IQO2P5S3
One that's been static: NDABPHWFPH7KL5FADCW66V4GYLVXHKYQIPWL4G2B

edit/
The obvious implication that most assume is that at the of the end of dumping, we would see a price increase. Seasoned traders agree, and are planning for it.
The price point the hacker is dumping at is ~3300 sats. These same traders are buying in that range. - But I am sure many will dump somewhere along the line as price increases. However the effect short term traders have, should be like a drip in comparison to the hackers flood.

And thank you to whoever all has donated!  
/edit

2nd edit/
I feel like it's important to correct and clarify some things I shared in the past. Most importantly the issue of catapult release.
Mostly due to language barriers, I made a mistake in my assumptions. I've since been corrected by some within NEM foundation.

Lon Wong said catapult source will be released this quarter. However, he was meaning the mijin source - which DOES run on catapult code. Mijin is a private chain. It's primary use is for businesses to use an in-house chain that can communicate with the main NEM public chain.

Additionally, I was told that Lon may have meant by the end of the 4th month, which would be April. I guess we will find out soon enough!
This is still great news! It will make it much easier for businesses to use mijin and likely the main NEM chain as well. It should draw the attention of large enterprise seeking to improve their current in-house operations.

Mijin chain can reduce operational costs for many businesses by a significant degree. - No need to take backups, no need for extensive hardware, no need for elaborate security software, amongst so many things! Even things we might not consider right away - like a business no longer having a need for file-cabinets, thus saving on floor space, time spent finding paperwork, loss of documents, etc.

With all that said. Catapult implementation on the public chain is unlikely to occur before the 3rd quarter, which begins July 1st. However, don't bank on this exact date, as it will most likely require more time. At the same time, I wouldn't wait until then to plan an investment in NEM.

Even with the current state of NEM, we have great advantages over other smart-asset blockchains, including Ethereum. Many smart asset chains aren't even a functional product yet, and most don't expect to be this year.
/2nd edit

[NorrisK]

Just wanted to update everyone here on the hackers funds. He has nearly drained the bulk of XEM. About ~20 mill remaining in the wallet he's draining now. + An additional 16mill that hasn't been moved. Maybe the 16mil is his retirement fund?  
So he's almost out! That is a significant drop from the 130mil he had yesterday!

It sure seems like we would see some price movement upward once he's done flooding the market! Especially with NEM being exposed to so many new people, on Binance. I have been surprised how many traders hadn't even heard of NEM!

I'm actually quite amazed that the market has absorbed so much NEM in such a short time and "only" dipped by as much (way too much ofc) as it did.

This really means there is solid backing behind NEM and not some silly day traders that cry about dumps.

Tell me any other coin at this moment that could absorb 5% of the total supply in just over a month the way NEM did (keep in mind, this % is actually much closer to 10% or more if you take into account the NEM foundation holdings and other perma holders since start).

[lg15x]

the hacker go the coin from 1$ to 0.30$  thats it nothing else

and in the meantime the price of NEM is 0,292338 USD, it is possible to purchase even before, and keep at least until the price grows to $ 1. I think it will be soon

[fragout]

Just wanted to update everyone here on the hackers funds. He has nearly drained the bulk of XEM. About ~20 mill remaining in the wallet he's draining now. + An additional 16mill that hasn't been moved. Maybe the 16mil is his retirement fund?  
So he's almost out! That is a significant drop from the 130mil he had yesterday!

It sure seems like we would see some price movement upward once he's done flooding the market! Especially with NEM being exposed to so many new people, on Binance. I have been surprised how many traders hadn't even heard of NEM!

Nice job tracking but if he sent the NEM to bittrex or binance, you would think that the accounts would have been flagged with such volume coming into/out of them. I know he could have faked the KYC requirements but he is surly opening up a tricky trail to hide when he eventually tries to get back to fiat.
tbh honest I thought he/they would drag the process out for years ad quite surprised he never asked for a deal.

[leoinker]

Another hacker update.
We're looking at about 12mill left in the hacker's hot wallet. He's been draining it at a rate of ~2.6mil per hour.

If he doesn't start draining from his cold wallet, we should see the dump ending in ~5hours. (7:30AM Server time)
The current rate of price drop puts us at around 3100 sats at that time, if buys do not increase.

If hacker begins dumping from cold wallet at same rate, we are expected to see the the dump end in ~12 hours. (2:30PM Server time)
If buys do not increase, we may hit 3000 satoshi.

It is possible, but unlikely that we have missed a transaction that went to a 3rd wallet. Myself and others are checking every transaction from hackers wallets, and following them through a series of other wallets, and eventually into exchanges.

It appears the hacker is using some sort of mixer software to generate addresses and automate transfers between them, as well as trade bots on exchange accounts created with stolen or fake IDs. Most of the dumps are happening on Bittrex and Huobi.

This just might be our last day for cheap XEM.

edit/ @fragout he must be using a series of accounts so they don't get flagged, or so that he can stay one step ahead. He is not depositing extra large sums at a time, but running them through address mixers, and making small deposits at a time.
It is possible that he is buying his own XEM to add an extra level of trickery, but after debating the issue at length with others, we all pretty much concluded that it would be stupid for him to do that. This hacker needs to unload the XEM, and never touch it again. Simply by having a xem or xem wallet, or any interest in xem, he puts himself in a tiny minority of the population. - And if he were buying back the xem, the market price would reflect that.
The hacker/s are clearly smart. S/he or They will most likely mix the BTC from sales into various other coins, run them through tons of addresses, and eventually turn it into fiat of some sort.
/edit

[rodmanqs]

NEM is a peer-to-peer cryptocurrency and blockchain platform launched on March 31, 2015. NEM has a stated goal of a wide distribution model and has introduced new features to blockchain technology such as its proof-of-importance (POI) algorithm, multi-signature accounts, encrypted messaging, and an Eigentrust++ reputation system.

In 2016, NEM jumped in price and become one of the largest cryptocurrency by market capitalization. While the industry was struggling with the DAO hack and recession of the Ethereum, several Japanese banks signed an agreement with NEM to create a payment infrastructure for the blockchain.

The 2018 year which started with the depression all around the cryptomarkets pushed the coin to the lows, almost wiping the 2017-year gains. XEMBTC found a bottom around the 0.00003 level and now is drawing a rebound pattern. The coin had a downward impulse recently, while was facing the consequences of the Coincheck hack and waiting for the G20 crypto-regulation statements.
Coincheck has settled an issue, and G20 summit turned out to be better than expected for the future of the cryptocurrencies.

[wiser]

Thanks for this update and clarification. It's awesome to see the light at the end of the tunnel on the Coincheck hack. NEM should definitely be higher. I wish I had more cash to buy it cheap.

Your clarification is my basic understanding of catapult, and the various stages in which it will be released.

Hacker Wallet addresses:

Main one being drained: NBEAUKXJLBJXXTPXN2OPIX3LZQWWZA56IQO2P5S3
One that's been static: NDABPHWFPH7KL5FADCW66V4GYLVXHKYQIPWL4G2B

edit/
The obvious implication that most assume is that at the of the end of dumping, we would see a price increase. Seasoned traders agree, and are planning for it.
The price point the hacker is dumping at is ~3300 sats. These same traders are buying in that range. - But I am sure many will dump somewhere along the line as price increases. However the effect short term traders have, should be like a drip in comparison to the hackers flood.

And thank you to whoever all has donated!  
/edit

2nd edit/
I feel like it's important to correct and clarify some things I shared in the past. Most importantly the issue of catapult release.
Mostly due to language barriers, I made a mistake in my assumptions. I've since been corrected by some within NEM foundation.

Lon Wong said catapult source will be released this quarter. However, he was meaning the mijin source - which DOES run on catapult code. Mijin is a private chain. It's primary use is for businesses to use an in-house chain that can communicate with the main NEM public chain.

Additionally, I was told that Lon may have meant by the end of the 4th month, which would be April. I guess we will find out soon enough!
This is still great news! It will make it much easier for businesses to use mijin and likely the main NEM chain as well. It should draw the attention of large enterprise seeking to improve their current in-house operations.

Mijin chain can reduce operational costs for many businesses by a significant degree. - No need to take backups, no need for extensive hardware, no need for elaborate security software, amongst so many things! Even things we might not consider right away - like a business no longer having a need for file-cabinets, thus saving on floor space, time spent finding paperwork, loss of documents, etc.

With all that said. Catapult implementation on the public chain is unlikely to occur before the 3rd quarter, which begins July 1st. However, don't bank on this exact date, as it will most likely require more time. At the same time, I wouldn't wait until then to plan an investment in NEM.

Even with the current state of NEM, we have great advantages over other smart-asset blockchains, including Ethereum. Many smart asset chains aren't even a functional product yet, and most don't expect to be this year.
/2nd edit

[pfrtlpfmpf]

The end of the tunnel.

[Big Naturals]

I agree with what others have said about how coins whose goal is anonymity are going to be weeded out. They just won't work with KYC laws. The smart coins are recognizing this, coming to terms with it, and even embracing it, and that's a good thing. DMD Diamond recently made a statement to that effect. And DNotes, which is about to launch its version 2.0, is also fully embracing regulatory compliance. Being a holder of NEM, I'm very glad to see NEM taking that route too.

I think there will still be a market for anonymous coins, but having highly visible devs and even companies running them like XMR and Zcash currently have makes about as much sense as trying to advertise and sell heroin by having drug dealers give talks at pharmaceutical conferences. Eventually anon coins are going to be forced deep underground, and to survive they need anonymous devs.

If I want to buy illegal stuff I certainty want the dude I buy it from to take security seriously, otherwise if he gets compromised, so can I. Same logic for illegal crypto, which anon coins could be soon, squeeze these devs hard enough and they'll crack, TPTB don't play fair.

XEM is going down the full compliance path, which ultimately makes it a safer investment.

[pfrtlpfmpf]

I agree with what others have said about how coins whose goal is anonymity are going to be weeded out. They just won't work with KYC laws. The smart coins are recognizing this, coming to terms with it, and even embracing it, and that's a good thing. DMD Diamond recently made a statement to that effect. And DNotes, which is about to launch its version 2.0, is also fully embracing regulatory compliance. Being a holder of NEM, I'm very glad to see NEM taking that route too.

I think there will still be a market for anonymous coins, but having highly visible devs and even companies running them like XMR and Zcash currently have makes about as much sense as trying to advertise and sell heroin by having drug dealers give talks at pharmaceutical conferences. Eventually anon coins are going to be forced deep underground, and to survive they need anonymous devs.

If I want to buy illegal stuff I certainty want the dude I buy it from to take security seriously, otherwise if he gets compromised, so can I. Same logic for illegal crypto, which anon coins could be soon, squeeze these devs hard enough and they'll crack, TPTB don't play fair.

XEM is going down the full compliance path, which ultimately makes it a safer investment.

That was one of my main points, when i decided to invest in NEM. The anonymous path just can´t go well !
At least not to the stratosphere, where we are going . . .

But i still hope for my BTCP to go off, just to sell them then. Only thing, that bothers me, is that everybody can see my balance on the blockchain, it´s like playing poker with cards layed out on the table, or paying at 7/11 with a bundle of thousand dollar notes.